Why did memecoins rise to the top today?
With the recent recovery in cryptocurrency prices, big market boosters such as Dogecoin (DOGE), Shiba Inu (SHIB) and Dogwifhat (WIF) posted double-digit gains last month.
First NERO on Ethereum (NEIRO), a new memecoin launched on the Ethereum network at the end of July, has reached the highest level, gaining more than 3,330% in the last 30 days and 63% in the last week. It has added 13% to its value in the last 24 hours. Popcat (POPCAT) led by 137% monthly profit, and Mog Coin (MOG) climbed 102% in the same period and placed in third place.
Performance of top meme tokens by market capitalization. Source: CoinMarketCap
DOGE, SHIB and Pepe (PEPE) also rose 11.8%, 32.8% and 38% in the monthly timeframe, while WIF rose 63%.
Memecoin's trading volume will explode.
CoinMarketCap shows that meme tokens' market capitalization jumped 34.7% to $48 billion over the past four weeks, reflecting renewed investor confidence in the sector.
Daily trading volume increased 220% from $2.7 billion on September 8 to a monthly high of $8.6 billion on October 2 before settling down to $6.8 billion. The increase in trading volume among memecoins shows the strength of the demand-side push in the sector in the past month.
Market capitalization and volume of memecoins. Source: CoinMarketCap
Confirming this, data from Dune shows that the weekly flow of memecoins to memecoins on exchanges including Ethereum, Solana and Tron increased by 161.7% to $289.2 million per week compared to $110.5 million in the first week of September. Ends October 4th.
Memecoins total transaction volumes. Source: Dunn
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
